Clients have to feel like they can save for retirement while meeting daily obligations if they’re going to do it, according to a survey released Wednesday by BlackRock. That might seem obvious, but BlackRock found most workers aren’t saving as much as they should.
The survey, conducted by Boston Research Group, found that among respondents who agree that yes, you can save for retirement and meet your daily expenses, 46% were saving at least 11% of their annual income. Among those who disagreed, only 17% were saving at the same level.
“When workers feel empowered, confident and positive about the retirement savings process, they will actually save more for retirement than workers who don’t feel that way,” Chip Castille, managing director and head of BlackRock’s U.S. and Canada defined contribution group, said in a statement.